Rockhopper Petroleum has unveiled another oil discovery near the Falkland
Islands, sending its shares up almost 10pc.

Rockhopper said drilling in the North Basin off the islands in the South Atlantic had penetrated “multiple” reservoir targets.

The four oil fields – called Beverley, Casper South, Casper and Sea Lion all contained hydrocarbons and there was no water found.

“This fantastic result from our most aggressive well of the campaign will further increase our minimum estimates of oil in place for Sea Lion and Casper, in addition to proving two new discoveries in Beverley and Casper South, which is our third oil discovery in the basin,” Samuel Moody, chief executive, said

Rockhopper has a 60pc interest in the well and Desire Petroleum has a 40pc stake.

The discovery “should start to convince investors” that Rockhopper has a “large economic field,” says Keith Morris, an oil analyst at Evolution Group. He raised his target on the shares to 540p from 450p following the news and maintained a “buy” recommendation.